A potential cup and handle formation is one of the most potent bullish setups on the markets, and XRP is displaying textbook technical strength. With a daily gain of 7.35% and a price push to $3.26, today XRP is tearing through resistance levels as if they were not even there. 

More significantly, however, its long-term chart is beginning to resemble one of technical analysis's most recognizable breakout patterns. In the present structure, the cup part started to form in late 2023 and persisted during the multi-month decline and recovery in 2024. The rounded bottom is now finished extending from the highs at about $3.30 to the lows at about $1.50. 

XRP/USDT Chart by TradingView

As the price has completely recovered to its prior highs, it may be the end of the accumulation phase and the start of a new markup phase. The handle is now the crucial component. Usually, this takes the form of a brief consolidation or pullback prior to the asset staging a breakout. 

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Although the handle itself is still forming, the current strong rally may continue in a parabolic fashion or it may retreat a little to create that last consolidation structure. In any case the measured move target would position XRP close to the $5 mark if the pattern continues to play out. The pattern has also been supported by volume, which has been lighter during pullbacks and higher during rallies. 

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Though it is currently at 86, the RSI is high, which is typical in markets with strong trends and does not always indicate an impending reversal. The handle might be short and shallow if XRP settles around current levels without experiencing a significant breakdown. 

A credible technical signal that could push XRP closer to the eagerly anticipated $5 target would be a confirmed breakout above $3.30 with consistent volume. XRP might be displaying one of the market's clearest bullish continuation, to put it briefly. Should the handle properly form and break, this asset may be headed for its highest levels since the bull run in 2017.

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